The Screening of Third Country Transactions Bill 2022
("Bill"), published by the Irish Government on 2 August
2022, aims to implement the first screening process for foreign
direct investment ("FDI") in Ireland.
The Bill will require that certain investments in critical Irish
industries that may present risks to the State's security or
public order be reviewed by the Minister for Enterprise, Trade and
Employment ("Minister").
The Bill's publication follows on from the EU Regulation
(EU) 2019/452 establishing an FDI screening scheme, which addresses
EU Member State concerns on the purchase of strategic European
undertakings by third country (i.e. any non-EU / EEA country other
than Switzerland) undertakings, while maintaining the EU's
strong support for FDI.